The REG Budgeting Act wants to make rules that tell the government how much it can spend on things they haven't paid for each year, so they don't spend too much without asking Congress first. It also asks for clear reports on these costs to make sure everyone knows what’s happening.

The bill wants to make sure that before the government makes new rules that cost money, they have to set a limit on those costs each year, and explain why if they want to go over that limit. This is to keep everything fair and clear, like setting a budget so they don’t spend too much without asking permission.